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module 2

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Ryerson University
MKT 100
Paul Finlayson

Module 2: Market Orientation Analyzing Competition No competition - single supplier of product Oligopolistic competition - few large suppliers (detergent or aircraft industry) o in industries that require very large investments in equipment, technology andor distribution (encourages mergers and acquisitions) o compete on price, product features, advertising and sales promotion. Monopolistic competition many suppliers offering a variety of products, each of which has a small, loyal market share (salad dressings, beauty salons, bars) o Lots of productservice differentiation b rivals & price competition. Perfect competition when many suppliers sell essentially the same product o Supply and demand will control the price o Success = Low cost production of a quality product and efficient distribution o Type of market = type of company resources and company growth objectives o general competition comes from products that satisfy a core benefit emphasis needs to be on the commercializing and diffusing of new innovation into the market Evolution of tech revolutionalize market See threat = see in new competitions processes = need to be a good intuitive process thinker and observer focus on a profitable business development opportunity using a new technology that delivers more in benefits than the current technology. have to be a visionary indicators of a likely change in future sales, profits, and competitiveness: o Changing brand mind-share: customer preferences often foreshadows a change in market sales share. o Changing brand voice-share: The changing share of advertising dollars the brand has of the total dollars spent on advertising in the market. o Changing research and development (R&D) share: long-term indicator of new product innovation and thus market share, important measure of future competitiveness in many high technology markets. five forces that shape competition: o (1) current competitors, o (2) the threat of new entrants, o (3) the threat of new substitutes, o (4) the bargaining power of distributors (or business-to-business customers) o (5) the bargaining power of suppliers - power reduces the profitability of transactions with them Auditing current competitors
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